Intel's better than expected earnings appeared to get this market started on an upswing this morning that lasted nearly until the close. Weakness in the dollar may have fueled part of this move. It will be interesting to see if the unemployment claims report in the morning does anything to dissuade the bulls. It appears of late that all news is seen as positive. SPX ran up $8 to close at $1178 while the RUT was even stronger, rising $10 to close at $706. Trading volume was up again today with a 26% increase on the NYSE and an 18% rise on NASDAQ.

AAPL broke through $300 per share to set a new high. My Jan 2011 270/300/330 butterfly is now up 72%. However, that is balanced by the bath I am taking in my Oct iron condor. I closed out another five of my 700/710 calls today; I will close the rest tomorrow. I added Dec $740 call hedges to my Nov iron condor and also rolled the puts from 520/530 to 600/610. That position now stands at a position delta = -$32 and theta = +$75, so the adjustments helped the Greeks to get in a better position.

So now we watch to see if the bulls can continue the charge.